Are crypto currencies threatened by quantum computing?
Quantum computing is one of the issues that most concerns advocates of the new form of digital money. So much so, that important figures consider them as an element that could threaten cryptomonies.
This is the case of David Schwartz, CTO of Ripple, for whom this advanced form of computing is a risk. According to him, the very security of Bitcoin’s network and other cryptomontages could be threatened.
It should be noted that speculation in this area is often accompanied by scaremongering. It is important to keep in mind that, in the near future, cryptomonies are not threatened.
Does quantum computing threaten crypto currencies?
According to Schwartz’s views in Modern CTO Podcast, quantum computers will bring problems. This is not a threat to cryptomonies, but to the Internet itself.
„From the point of view of designers of systems based on conventional cryptography, quantum computing is a risk. The work that computers do is not as complex,“ he reasoned.
In that sense, he said that algorithms such as SHA-2 and ECDSA are not extremely complex. However, if they were to fall, they would bring down the entire system and the future of cryptomontages.
According to his point of view, quantum computers would have the capacity to affect digital currencies, which would make them a serious threat.
The Race Between Quantum and Crypto
A dangerous weapon against digital coins
One of the most important characteristics of cryptomontages in general, and of Bitcoin in particular, is that they are decentralized. This has allowed them to gain great popularity.
Decentralization is the basis for the whole structure of digital currencies. So far, it can be assured that the Blockchain network is inviolable. But, for analysts like Schwartz, this could change with the threat that quantum computers pose to crypto-currencies.
Therefore, he points out that these powerful new tools could determine who owns Bitcoins and interfere with the success of transactions. That’s why he warns not to make an in-depth evaluation, as the existence of cryptomonies could be compromised.
On the other hand, he considers that the developers of the main crypts, from now on, have a period of about 8 years to counteract this threat.
David Schwartz justifies why buyers of Bitcoin remain
Confidence in spite of everything
At the same time, Schwartz also says he has confidence in the Blockchain’s potential to overcome.
Crypto-currencies are currently one of the few tools people have to get around governments‘ privacy-violating measures. So it is not surprising that states are looking for different ways to keep them under control.
What are quantum computers?
These supercomputers, which according to Schwartz threaten the future of crypto currencies, are powerful devices still in development.
According to BBC World, there is stiff competition to define the winner of this quantum computer race. These teams, on the other hand, have a great capacity for the development of new forms of medicine and education.
There is no consensus as to the best model of quantum computers. However, experts say there are four fundamental varieties. The best of these will be known in the near future.